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Chamillionaire -- I Chose to Be Foreclosed On

6/3/2010 1:24 PM PDT BY TMZ STAFF

A Houston mansion owned by rapper Chamillionaire was repossessed by the bank recently after the place went into foreclosure -- but according to the rapper, it was all part of a calculated business decision. 

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TMZ has learned Chamillionaire lost the 7,583 sq. foot home -- which he picked up for roughly $2 million back in 2006 -- after failing to make several payments.

But, yesterday in New York we spoke with Chamillionaire -- real name Hakeem Seriki -- who told us he "decided to let that house go" because the real estate market had turned and the house had become a bad investment.

Chamillionaire also noted that he was never at the home because, "I was always on the road touring" adding, "I just didn't feel like it was a good business investment to pay that much mortgage for a house I was never at."

But Chamillionaire claims he's far from broke -- quipping, "I still got all the cars."

116 COMMENTS

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61.

asdofa    

and we all know cars are a GREAT investment!!

1513 days ago
62.

RH    

brod77381



If the house sold in less then 14 days then the bank got their money quicker then most states...great for that bank. I can sleep well now that I know they got THEIR money back !!! whew...Just like previous posts...in the end the fat guy wins a.k.a. the bank.

1513 days ago
63.

Wishes    

I am a native Houstonian, and I promise you that the homes here are NOT being foreclosed on at all. There is nothing going on here like CA or NEV or FLA or other states. THIS GUY IS A LIAR - HE IS BROKE!!

1513 days ago
64.

Khalid Davis    

lol at all you ppl calling him an idiot and saying that he's broke.
trust me he's far from it. And in fact he made the forbes list for top 20 wealthiest rappers for 2 years straight. So child please to all of you. You guys are the idiots not him.

1513 days ago
65.

christy    

OMG who cares, who is he anyway besides an idiot with no sense of responsibilty who thought he was big time. And when did home w/7583 sq ft become a masion? Don't get me wrong its a large home, but mansion?

1513 days ago
66.

VICKI    

THE HOUSTON MLS SAYS IT IS A PENDIND SALE FOR $1,800,000. HOPE THE BANK MAKES SOME CASH ON IT.

1513 days ago
67.

htownmiguel    

One thing you haters chose not to talk about is how fast the house sold.... It was a win win business decision. Of all the rappers you are calling Cham trash and stupid. You haters are the stupid trash.

1513 days ago
68.

smd    

#73 Um......I'm pretty sure he's an IDIOT and probably broke. Oh, and he's still ghetto too....like yourself.

1513 days ago
69.

Professor Obvious    

It's called Strategic Defaulting and it's all the rage right now amongst many upper class types like doctors and lawyers. Welcome to the Republican Recession.

1513 days ago
70.

montanahank    

The comment from #61 is just plain stupid. You can't remove a foreclosure from your credit history. I am a realtor and it won't happen. Even if you go through a short sale you will still wait at least 3 years before you will get a mortgage. You will go about 7 with a foreclosure. For #62 when banks write off these losses who do you think is the one who pays? Everyone what a moron!

1513 days ago
71.

Cali    

Don't have to finance, because i don't need it bro.... that's what he says in one of his songs... funny ... also he says he bought the house for around two million ... ummm, i think he means since he could not buy the house, he had to beg the bank to finance the home for him... wow this dude is probably bring in like 50k a year if he's lucky .... always new Mike Jones had more money...

1513 days ago
72.

Cali    

knew

1513 days ago
73.

ctown    

what a fool...one hit wonder and i can't even remember what the hit was??? it's pretty funny when a person with no education makes a "Business Decision" WOW This is our country now...So excited about the future...

1513 days ago
74.

way to go    

Ummmm where have you guys been, the rich doesn't need credit! Duh

1513 days ago
75.

Scott    

What a stupid idiot

1513 days ago
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